Questions are attached in the screenshot belowneed help asapgreatly appreciated thanks -- -- OStatement of Retained EarningsEarl Coffee Roasters Corp.Statement of Retained EarningsMonth Ended August 31, 2022Retained earnings, August 1, 2022Add: Net incomeSubtotalLess: DividendsRetained earnings, August 31, 2022O QuestiO QuestiO QuestiO QuestiCalculatPrintBalance SheetAssetsCashOffice suppliesEquipmentTotal assetsDone$$$0187,100187,100(2,500)184,600- X$ 218,200Income Statement5,200 Accounts payable7,300205,700RevenueEarl Coffee Roasters Corp.Balance SheetAugust 31, 2022Common stockExpenses:Service revenueEarl Coffee Roasters Corp.Income StatementMonth Ended August 31, 2022Salary expenseUtilities expenseRent expenseTotal expensesNet income (loss)LiabilitiesStockholders' EquityRetained earningsTotal stockholders' equityTotal liabilities and stockholders' equity$$$- X8,60078,7005,7001,70025,000184,600209,600218,200$ 273,200$86,100187,100Statement of Cash FlowsEarl Coffee Roasters Corp.Statement of Cash FlowsMonth Ended August 31, 2022Cash flows from operating activities:Net incomeAdjustments to reconcile net income to cash provided by operationsNet cash provided by operating activitiesCash flows from investing activities:Acquistion of equipmentNet cash used for investing activitiesCash flows from financing activities:Issuance (sale) of stock to ownersPayment of dividendsNet cash provided by financing activitesNet increase in cashCash balance, August 1, 2022Cash balance, August 31, 2022PrintDone$ (205,700)25,000(2,500)$$187,1001,300188,400(205,700)22,5005,20005,200XL The owner of Earl Coffee Roasters Corp. seeks your advice as to whether he should cease operations or continue the business. The following financial statements have been prepared as of August 31, 2022.(Click to view the income statement.) (Click to view the statement of retained earnings.)F(Click to view the balance sheet.)(Click to view the statement of cash flows.)Read the requirementTo: Owner of Earl Coffee Roasters Corp.Subject: Opinion of net income, dividends, financial position, and cash flows.Your first month of operations wasThese operating results lookThe companyyour investment.able to pay a dividend, which should make you veryYour financial position looksstockholders' equity isas your▾. Revenues totaledOperating activities generated cash ofwhich isof cash come from operating activities. You ended the month with cash ofBased on the above facts, I believe you shouldand net income waswith such areturn onYouras companies prefer to have their largest source

To: Owner of Earl Coffee Roasters Corp. Subject: Opinion of net income, dividends, financial position, and cash flows. Revenues totaled Your first month of operations was These operating results look The company your investment. able to pay a dividend, which should make you very Your financial position looks stockholders' equity is as your Operating activities generated cash of which is of cash come from operating activities. You ended the month with cash of Based on the above facts, I believe you should and net income was with such a return on Your as companies prefer to have their largest source

To: Owner of Earl Coffee Roasters Corp. Subject: Opinion of net income, dividends, financial position, and cash flows. Revenues totaled Your first month of operations was These operating results look The company your investment. able to pay a dividend, which should make you very Your financial position looks stockholders' equity is as your Operating activities generated cash of which is of cash come from operating activities. You ended the month with cash of Based on the above facts, I believe you should and net income was with such a return on Your as companies prefer to have their largest source

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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* CengageNOW2 | Onlin x 2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 人 еВook Show Me How Vertical Analysis of Balance Sheet Balance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow: Current Year Previous Year Current assets $288,750 $177,120 Property, plant, and equipment 498,750 452,640 Intangible assets 87,500 26,240 Current liabilities 175,000 85,280 Long-term liabilities 376,250 301,760 Common stock 78,750 72,160 Retained earnings 245,000 196,800 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. If required, round percentages to one decimal place. Kwan Company Comparative Balance Sheet For the Years Ended December 31 Current Current Previous Previous year year year year Amount Percent Amount Percent Current assets…
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